Form 720, called the “Quarterly Federal Excise Tax Return,” is used to report and pay federal excise taxes. These taxes are on specific goods and services, not regular income or payroll.

If I bought a car, can I claim it on my taxes? Yes, but only if it’s used for business. It doesn’t matter whether you financed it or paid in full.

Before filing business taxes online, get ready by collecting income, expenses, payroll info, 1099s/W-2s, and last year’s tax return.

The current self employment tax rate is 15.3% of your net earnings. If your income is high you’ll also have to pay an additional 0.9% Medicare tax.

A tax deduction is basically a reduction in your taxable income. If you qualify for $10,000 in tax deductions, the IRS won’t tax you on the full $60,000 just on $50,000.

The main due date for filing your federal income tax return in 2025 is Tuesday, April 15, 2025. That’s the big deadline for most individual taxpayers in the U.S.

Tax Credits reduce the amount of tax owed, providing a dollar-for-dollar reduction. The total amount of income that is due to taxes is decreased by a tax deduction

What do taxes pay for? Taxes fund government programs. Public schools, healthcare programs, and national security are all supported by tax revenue.

Pre-tax deductions are funds employers remove from an employee's gross pay before withholding taxes. These deductions will lower an employee's taxable income.

corporate tax rate in the U.S. is 21% at the federal level. This means all corporations, big or small, pay a flat 21% tax on their profits. current rate makes the U.S. more competitive globally.